LS4 - SRAS Flashcards
1
Q
Aggregate Supply
A
The total output of goods and services that producers in an economy are willing and able to supply at a given price level in a given period of time.
2
Q
Factors Affecting SRAS (Costs Of Production)
A
Wage Rates
Exchange Rates
Raw Material Prices
Taxation (VAT/Corporation Tax)
3
Q
SPICED
A
Stronger Pound Imports Cheaper Exports Dear
4
Q
WPIDEC
A
Weaker Pound Imports Dear Exports Cheaper
5
Q
Short Run
A
Period in which at least 1 FOP is fixed.
6
Q
Long Run
A
Period in which all factors of production are variable and technological change is possible.
